Quote:
Originally Posted by FakeNameChanged
I may have been a bit premature about trying to make a bottom. Gold dropped below its 250 day average for the last four days. It sits closer to a 375 day average, not that it has any meaning. The 8 day EMA has crossed below the 250 day, and the 20 day MA is about to do the same. Wrong direction for a bullish case on gold.
Silver, still looks neutral to mildly bullish in comparison but needs to overtake the high close on Feb1 of $29.42 to make its case. That high on Feb 1, overtook the previous closing high back on Aug 10, 2020, by a small amount. Surprisingly, that was approx. the same date for a high water mark for Gold back in August.
If the dollar continues to strengthen, then the metals both look to continue down (gold) or tread water (silver). All reports on the news is the economy is strengthening, which bodes well for the dollar IMO.
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Both of these metals look like they're forming a bottom NOW. Could be another head fake, and I'd like to see them both rise above their 20 day Exp. Mov Ave for confirmation. Right now, gold looks slightly stronger, and gold usually leads silver in both directions. I think it's somewhat telling that just this morning on CNBC, that Joe Kernen was surmising that Bitcoin has replaced gold as the currency of choice. Andrew Ross Sorkin just scowed at Joe and said nothing. I think that may have been an omen that gold is about to make a run.
